Last checked at 1 Jul 2008 07:00
1 July 2008
McBride plc
Pre Close Trading Statement
McBride plc, Europe's leading provider of private label household and personal care products, today provides an update on trading for the year ended 30 June 2008 prior to entering its close period.
The Board anticipates operating profit, before amortisation of intangible assets and exceptional items, for the year ended 30 June 2008 will be in the range of £26-27 million. The recent further round of price increases introduced in response to rising commodity prices and referred to in our Interim Management Statement on 29 April 2008, is progressing as expected.
Year end net debt is expected to be less than £105m, with positive underlying cash flows in the second half of the year offset by a strengthening of the Euro against sterling.
Miles Roberts, Chief Executive, said "The current year has been characterised by sharp and continued rises in our input costs. In response, we have successfully obtained selling price increases from our customers and, given the continued volatility in the input cost environment, our pricing remains under active review. We continue to focus on opportunities to enhance manufacturing efficiencies through adoption of best practice and capacity rationalisation. In terms of our recent acquisitions, they have been effectively integrated and are performing well."
The Group intends to announce its preliminary results for the year ended 30 June 2008 on 4 September 2008.
For further information please contact:
| McBride plc | 020 7539 7850 |
| Miles Roberts, Chief Executive | |
| Stuart Miller, Interim Finance Director | |
| Financial Dynamics | 020 7831 3113 |
| Andrew Dowler |